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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Total revenue $ 0 $ 0 $ 0 $ 886
Operating expenses:        
Research and development [1] 44,744 24,660 112,308 55,822
General and administrative 10,648 8,584 35,005 25,874
Acquired in-process research and development 0 (298) 0 130,188
Gain on sale of in-process research and development asset 0 (14,609) 0 (14,609)
Total operating expenses 55,392 18,337 147,313 197,275
Loss from operations (55,392) (18,337) (147,313) (196,389)
Other (expense) income:        
Interest income 5,184 1,251 15,536 2,021
Other (expense) income, net (18,802) 2,342 (19,895) 2,262
Total other (expense) income (13,618) (21,767) (4,359) (79,247)
Loss before income tax expense (69,010) (40,104) (151,672) (275,636)
Income tax (expense) benefit (18) (3) (50) 26
Net loss $ (69,028) $ (40,107) $ (151,722) $ (275,610)
Net loss per share, basic (in dollars per share) $ (1.36) $ (9.34) $ (3.43) $ (69.57)
Net loss per share, diluted (in dollars per share) $ (1.36) $ (9.34) $ (3.43) $ (69.57)
Weighted-average common shares outstanding, basic (in shares) 50,889,433 4,293,812 44,263,746 3,961,546
Weighted-average common shares outstanding, diluted (in shares) 50,889,433 4,293,812 44,263,746 3,961,546
Forward contract liability        
Other (expense) income:        
Change in fair value of forward contract liability $ 0 $ (25,360) $ 0 $ (83,530)
Development fee and royalty        
Revenue:        
Total revenue $ 0 $ 0 $ 0 $ 886
[1] Includes $7.7 million and $34.2 million in related party expenses for the three and nine months ended September 30, 2024, respectively, and $19.4 million and $20.8 million related party expenses for the three and nine months ended September 30, 2023, respectively.